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Risk Management In Construction Industry Essay

994 Words4 Pages

Introduction: In this paper “Risk Management in construction industry” co-authored by Dr Nadeem

Ehsan, Mehmood Alam, Ebtisam Mirza, Azam Ishaque discuss the significance of risk management

and the current practices of risk management employed in the construction industry in Pakistan.

Abstract: The aim of this paper is to summarise the author’s opinion and recommendations on risk

management in the Pakistani construction industry.

Summary: The authors start the paper by disusing the need for Risk management in the construction

industry and its importance in project management. The complexity of any construction project and

the risk and uncertainties associated with the industry followed by the adverse effect it has on a

project were highlighted. The paper then goes …show more content…

It also mentions the reasons that risk

management techniques are not employed in Pakistani construction industry. The paper finds that the

risk response used in the Pakistani construction industry are confine to just two risk elimination and

risk transfer. The paper states that this is done through not bidding or bidding very high for risk

elimination and subletting the contract to subcontractors or specialist subcontractors for transfer of

risk. The paper concludes that the construction industry in Pakistan rarely employs formal risk

management techniques because of the lack of knowledge and experience in the area. It also mentions

the industry’s ambiguous stance towards the suitability of these techniques in the construction field.

The paper recommends the education of professionals of the construction industry and

developing formal and informal system risk management training. The paper suggests a graduate

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